Release: SPC?s stake in Cue Energy reaches 9.50%

Singapore, October 15, 2007 ? Singapore Petroleum Company Limited (SPC) has according to the requirements of the Australian Corporations Act 2001, notified the Australian Securities Exchange (ASX) that SPC has increased its shareholding in Cue Energy Resources Limited (Cue Energy) to approximately 9.50%. This follows SPC?s earlier announcements dated 23 July, 3 and 17 August 2007.

From 20 August 2007 to 12 October 2007, SPC acquired 6,602,902 Cue Energy shares for investment purposes in the ordinary course of trading on the ASX at an average price of A$0.2368 per share. This brings SPC?s total shareholding in Cue Energy to 59,658,633 ordinary shares. These shares are held through nominee holders.

Cue Energy is one of SPC?s existing partners in the Sampang Production Sharing Contract in Indonesia, and SPC may from time to time explore the possibility of closer co-operation with its partners. Any discussions with Cue would be on an exploratory basis.

The Group does not expect the above transaction to have any material impact on the earnings per share and the net tangible asset per share of the SPC group of companies for the current financial year. (end of release)